(Photo by Justin Sullivan/Getty Images)As wildfires wreak havoc in California, the state’s insurance commissioner on Sept. 16, 2020, announced potential steps to help homeowners afford and keep insurance amid California’s growing wildfire risk. Californians need to know they can get and keep insurance they can afford before they buy, sell or build a home,” California Insurance Commissioner Ricardo Lara said in a news release. Data supplied by Frazier shows home insurers’ California underwriting losses in 2017 and 2018 totaled $20 billion after comparatively small annual losses or profits from 1991 through 2016. Giving consumers clearer insights into their wildfire risk scores and what they can do to reduce themInsurance companies frequently use wildfire risk scores to determine which homes they’ll cover and how much the premiums will be. Lara’s office said the meeting will set in motion the process of introducing new state regulations surrounding wildfire insurance.

Source: Forbes September 21, 2020 10:52 UTC